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Posted: Fri Jul 04, 2008 8:20 pm
by lenette
Hi
If you take out an IVA will you loose your house???
Posted: Fri Jul 04, 2008 8:27 pm
by angela18
hi lenette
welcome to the forum..we are in IVA and we still have our house.. you just need to maybe remortgage in last year to pay a lump sum
Posted: Fri Jul 04, 2008 8:44 pm
by Lisa2009
You will not lose your house but as Ang has already said, you will be required at some point during the term of the IVA to release some of the equity to pay to your creditors.
Posted: Fri Jul 04, 2008 9:16 pm
by Soulgrowth
Hi lenette ... and a warm welcome to the Forum.
One of the great advantages of an IVA is that it can protect your home, which you will likely lose under the alternative of bankruptcy. As the others have said though, you may have to release some quity towards the end of the IVA term.
Debbie
Posted: Fri Jul 04, 2008 9:34 pm
by MelanieGiles
The other posters give good advice here - in that so long as you keep your side of the bargain to pay your IVA payments over a period of time, and address the equity in your property during the final year, then your house ought to be fairly safe.
Posted: Fri Jul 04, 2008 9:54 pm
by plasticdaft
Is the amount of equity to be released decided at the start of the IVA??
Just wondered as its a fixed amount up here in haggis-land,which is sorted at the beginning of the trust deed.
Posted: Fri Jul 04, 2008 9:58 pm
by MelanieGiles
No - you have a much better system with Trust Deeds, but of course you do have to release all of the equity. In an IVA it is a gamble on the property market either going up or down over the five year period, but you are left with 15% of your equity intact.